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<Research>DBS Lowers CICC (03908.HK) TP to $11; Interim Earnings Miss
Recommend 4 Positive 3 Negative 1 |
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DBS noted in a report that CICC (03908.HK)'s 1H24 earnings tumbled 41% YoY, missing expectations, mainly due to weakness in equity trading and stock investments in the STAR Market. While A-share IPOs remained weak, the broker expected more companies to opt for Hong Kong IPOs to offset some of the weakness in the onshore market. DBS lowered its FY2024 and FY2025 profit forecasts on CICC by 5% and 16% each to reflect weaker investment income forecasts and onshore market outlook. The broker maintained its Buy rating and trimmed its target price from $12.01 to $11. AAStocks Financial News |
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